Parker-Hannifin Corp (NYSE:PH) was the recipient of a significant growth in short interest during the month of May. As of May 31st, there was short interest totalling 3,053,900 shares, a growth of 28.5% from the April 30th total of 2,377,300 shares. Based on an average daily trading volume, of 935,700 shares, the days-to-cover ratio is currently 3.3 days. Approximately 2.4% of the company’s stock are short sold.
In other news, VP Robert W. Malone sold 336 shares of Parker-Hannifin stock in a transaction dated Thursday, May 30th. The shares were sold at an average price of $156.76, for a total transaction of $52,671.36. Following the completion of the transaction, the vice president now directly owns 24,260 shares in the company, valued at $3,802,997.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 1.12% of the stock is owned by company insiders.
A number of hedge funds have recently made changes to their positions in PH. Vanguard Group Inc raised its position in Parker-Hannifin by 1.1% in the third quarter. Vanguard Group Inc now owns 9,326,646 shares of the industrial products company’s stock worth $1,715,450,000 after acquiring an additional 99,942 shares during the period. Janney Montgomery Scott LLC increased its stake in shares of Parker-Hannifin by 3.9% in the fourth quarter. Janney Montgomery Scott LLC now owns 9,467 shares of the industrial products company’s stock worth $1,412,000 after purchasing an additional 352 shares in the last quarter. Daiwa Securities Group Inc. increased its stake in shares of Parker-Hannifin by 4.2% in the fourth quarter. Daiwa Securities Group Inc. now owns 5,003 shares of the industrial products company’s stock worth $746,000 after purchasing an additional 200 shares in the last quarter. Cambridge Investment Research Advisors Inc. increased its stake in shares of Parker-Hannifin by 1.9% in the fourth quarter. Cambridge Investment Research Advisors Inc. now owns 4,849 shares of the industrial products company’s stock worth $723,000 after purchasing an additional 92 shares in the last quarter. Finally, Mackenzie Financial Corp purchased a new position in shares of Parker-Hannifin in the fourth quarter worth about $9,404,000. 79.64% of the stock is currently owned by institutional investors and hedge funds.
Parker-Hannifin (NYSE:PH) last released its quarterly earnings results on Thursday, May 2nd. The industrial products company reported $3.17 earnings per share for the quarter, beating analysts’ consensus estimates of $3.01 by $0.16. The company had revenue of $3.69 billion for the quarter, compared to analyst estimates of $3.72 billion. Parker-Hannifin had a net margin of 10.04% and a return on equity of 26.27%. The firm’s revenue was down 1.7% on a year-over-year basis. During the same period last year, the firm earned $2.80 earnings per share. On average, equities research analysts expect that Parker-Hannifin will post 11.64 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Friday, June 7th. Shareholders of record on Friday, May 10th were given a $0.88 dividend. This is a positive change from Parker-Hannifin’s previous quarterly dividend of $0.76. The ex-dividend date of this dividend was Thursday, May 9th. This represents a $3.52 annualized dividend and a yield of 2.07%. Parker-Hannifin’s payout ratio is currently 33.78%.
A number of research analysts have recently issued reports on the stock. Stifel Nicolaus lifted their price objective on shares of Parker-Hannifin from $171.00 to $182.00 and gave the company a “hold” rating in a report on Tuesday, April 16th. Morgan Stanley set a $179.00 price target on shares of Parker-Hannifin and gave the company a “hold” rating in a research report on Friday, May 3rd. Barclays raised their price target on shares of Parker-Hannifin from $178.00 to $186.00 and gave the company an “overweight” rating in a research report on Wednesday, April 3rd. Finally, Citigroup raised their price target on shares of Parker-Hannifin from $178.00 to $190.00 and gave the company a “neutral” rating in a research report on Monday, May 6th. Two research analysts have rated the stock with a sell rating, eleven have given a hold rating and eight have given a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus price target of $182.12.
Parker-Hannifin Company Profile
Parker-Hannifin Corporation manufactures and sells motion and control technologies and systems for various mobile, industrial, and aerospace markets worldwide. The company operates in two segments, Diversified Industrial and Aerospace Systems. The Diversified Industrial segment provides static and dynamic sealing devices; filters, systems, and diagnostics solutions to monitor and remove contaminants from fuel, air, oil, water, and other liquids and gases; connectors, which control, transmit, and contain fluid; hydraulic, pneumatic, and electromechanical components and systems for builders and users of industrial and mobile machinery and equipment; and critical flow components for process instrumentation, healthcare, and ultra-high-purity applications, as well as components for use in refrigeration and air conditioning systems, and in fluid control applications for processing, fuel dispensing, beverage dispensing, and mobile emissions.
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